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Updated Tue, Jul 1, 2025, 4:30 AM1 min read

In This Article:

US stocks edged lower before the bell on Tuesday, setting up for a pullback from record highs as Wall Street watched for progress on trade talks and on President Trump's massive budget bill in the Senate.

S&P 500 futures (ES=F) dropped 0.2% on the heels of closing above 6,200 for the first time on Monday, while Dow Jones Industrial Average futures (YM=F) nudged down 0.1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) lost 0.3%, with Tesla (TSLA) stock sinking as CEO Elon Musk's feud with Trump flared up again.

Senate lawmakers voted through the night and into Tuesday morning on amendments to finalize Trump's signature tax and spending bill, racing to meet the president's desired July 4 deadline.

While Republican wrangling over the measures continues, one amendment passed with towering bipartisan support: A strike-down of the ban on AI regulation by states. The vote is a blow to tech companies, many of which have supported Trump.

Another looming deadline has prompted the US to scale back Trump's push for full-blown "reciprocal" deals with trading partners, the Financial Times reported. Instead, officials are racing to find narrower agreements before July 9, when the president's sweeping "reciprocal" tariffs are set to resume.

Read more: The latest on Trump's tariffs

With markets increasingly optimistic that an interest rate cut from the Federal Reserve could be around the corner, Thursday's job report is in high focus this week. Investors will be watching for signs of cooling in the labor market, which could bolster the case for a cut sooner rather than later.

Trading will end early on Thursday at 1 p.m. ET due to the Fourth of July holiday.

LIVE 5 updates

• How Boeing, Walmart, and Tesla tell the stock story of 2025

  Yahoo Finance's Hamza Shaban reports in today's Morning Brief:

  Read more here on how these stocks tell investors about stock trading in 2025.

• 

  Good morning. Here's what's happening today.

• 

  Trending tickers: Wolfspeed, Robinhood and Tesla

  Here are some top stocks trending on Yahoo Finance in premarket trading:

  Wolfspeed (WOLF) filed for Chapter 11 bankruptcy protection on Monday, as the chipmaker grapples with huge debt amid slowing demand from electric vehicle and industrial markets.

  Shares of the company — which makes chips using silicon carbide, a more energy-efficient material than traditional silicon — rose 90% in premarket trading on Tuesday.

  Robinhood (HOOD) stock rose 2% before the bell on Tuesday. On Monday, Robinhood CEO and chairman Vlad Tenev shared some insights into retail investor sentiment on Market Domination with Yahoo Finance Executive Editor Brian Sozzi.

  "I think that the the impact on society long-term from AI and cryptocurrency, there's there's optimism about that and and I think that's what you're seeing reflected in the markets," Tenev said.

  Tesla (TSLA) stock fell 4% in premarket trading after President Trump threatened to withdraw government subsidies

• Tesla stock falls as investors brace for Q2 sales

  Tesla's (TSLA) stock is sliding in premarket trade as investors brace for what's expected to be another tough quarter for deliveries.

  The EV maker's sales in Sweden and Denmark dropped over 60% year on year in June, underlining the challenges facing the company as rivals from China and elsewhere make headway. A 31% fall for deliveries of the Model Y in those countries signaled the revamp may be falling short of reviving Tesla's fortunes, despite gains in Norway.

  Tesla shares fell almost 6% early on Tuesday morning, also under pressure after President Trump again threatened to withdraw government subsidies from Elon Musk’s companies. The Tesla CEO recently ramped up his officer ratcheted up his criticism of Trump's flagship tax megabill.

  Yahoo Finance's Pras Subramanian reports on what Wall Street is watching from Tesla:

  Read more here.

• Gold back on positive track with Fed and tariffs in focus

  Gold (GC=F) rose for a second consecutive day with positive sentiment brewing around the potential of the Federal Reserve to cut rates.

  Bloomberg reports:

  Read more here.